CyberSource and E4X combine for an overseas payment offering
When retailers do business with overseas customers, they face two risks--the security risks and the currency conversion risks. CyberSource Corp. and E4X Inc. now are combining to offer a cross-border payments product for online retailers to manage both. The new product--the CyberSource Multi-currency Service--combines through a single interface E4X`s ability to manage currency conversion risks for sellers and buyers with CyberSource`s payment and risk management services. With the new offering, web merchants can display guaranteed prices in local currencies, while receiving settlement in a major traded currency of their choice. CyberSource will process the transactions and, if the retailer chooses, manage the security risk.
"Managing foreign exchange accounts and conversions and hedging exchange risks are complex distractions for most online merchants,” said Steve Klebe, vice-president of strategic alliances at CyberSource. ”This new service is designed to eliminate these obstacles and help merchants maximize revenue. Engineering teams from both companies worked closely to eliminate the vast majority of development efforts that, until now, were required for merchants to take advantage of these capabilities."
E4X has offered its currency conversion product since 2000 and is available on 5,000 web sites. CyberSource is the first to offer E4X`s currency conversion services as part of an integrated suite of electronic payment and risk management services.
E4X says the currency conversion works two ways: merchants price products in their own currencies and these prices are dynamically converted into final prices in local currencies, or merchants can display fixed pricing in local currencies. In both cases, the order is placed in the local currency and guaranteed for both buyer and seller. The transaction itself is processed through CyberSource`s electronic payment service.
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